Trade Policy Updates (From 28th May to 02nd June 2018)
1) Pakistan has signed an agreement to facilitate bilateral trade with Afghanistan and has also decided to import Afghan cotton.
The ministers from both countries also spoke about removing regulatory duties levied on import of Afghan products.
2) China signed a free trade agreement (FTA) with the Eurasian Economic Union (EAEU) today in Astana, Kazakhstan.
3) The last date for filing of return in Form GSTR-3B for the month of April has been extended by two days.
Taxpayers can now file their April GSTR-3B return till May 22. Filing GSTR 3B is mandatory for all those who have registered for the Goods and Services Tax (GST).
4) The U.S. Department of Commerce (DOC) has decided to impose antidumping tariffs on fine denier polyester staple fiber suppliers in Taiwan and three other countries, according to Taiwan’s Bureau of Foreign Trade (BOFT).
5) Nepal and Bangladesh will discuss trade facilitation and elimination of tariff and non-tariff barriers.
According to the Ministry of Industry, Commerce and Supplies, Nepal will ask Bangladesh to address hurdles to exporting acrylic yarn to Bangladesh, harmonize sanitary and phytosanitary (SPS) measures and review the list of 108 Nepali products which have duty free access to the Bangladesh market.
6) To curb illegal imports, Ghanaian authorities will put a tax stamp on textiles entering the country beginning June 1, 2018.
From September 1, after a 3-month grace period, traders will not be able to sell textiles that do not have tax stamp.
7) The U.S. government has banned all imports of cotton goods from Turkmenistan.
8) Pakistan has lifted the ban on the import of Afghan cotton to Pakistan.
9) The government will introduce intra-state e-way bill for two states and five Union Territories (UTs) from Friday.
The states and UTs being brought into the system for intra-state e-way bills include Maharashtra, Manipur, Andaman & Nicobar Islands, Chandigarh, Dadra & Nagar Haveli, Daman & Diu and Lakshadweep.
The remaining states — Chhattisgarh, Goa, J&K, Mizoram, Odisha, Punjab, Tamil Nadu and Delhi — would be brought in the system from June 3 to cover the entire country.
10) Foreign-flagged ships will be allowed to transport agriculture, horticulture, fisheries and animal husbandry commodities between Indian ports without a license.
11) In India, the labour intensive sectors which are mostly micro, small and medium enterprises (MSMEs) like Handloom, Handicraft, Leather, Sports Goods etc have been provided with duty free entitlements with effect from July 1, 2017.
12) The US department of commerce (USDC) has announced affirmative final determinations in the antidumping duty (AD) investigations of imports of fine denier polyester staple fibre (PSF) from China, India, Korea, and Taiwan.
The scope of these investigations covered fine denier PSF, not carded or combed, measuring less than 3.3 decitex (3 denier) in diameter.
The dumping margins determined by the USDC are 65.17 to 103.06% for imports from China, 21.43% for Indian products, zero to 45.23% for goods from Korea, and zero to 48.86% for imports from Taiwan.